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17 Must Reads for the CRE Industry Today (Sept. 17, 2020)

The National Multifamily Housing Council rent payment tracker found 86.2 percent of apartment households made a full or partial rent payment by September 13. Hoteliers fear a wave of closures in the sector due to falling occupancy rates, reports the Wall Street Journal. These are among today’s must reads from around the commercial real estate industry.

  1. NMHC Rent Payment Tracker Finds 86.2 Percent of Apartment Households Paid Rent as of September 13 “The National Multifamily Housing Council (NMHC)’s Rent Payment Tracker found 86.2 percent of apartment households made a full or partial rent payment by September 13 in its survey of 11.4 million units of professionally managed apartment units across the country.” (NMHC)
  2. New York City Hotels Fear Raft of Closures Due to Coronavirus “Hoteliers fear a wave of closures is coming as the coronavirus pandemic has hammered occupancy rates, and say a New York City Council bill mandating workers be kept after a property sale could deal the industry a further blow.” (Wall Street Journal)
  3. How Does the Federal Eviction Moratorium Work? It Depends Where You Live “From state to state, and even judge to judge, a simple-sounding order by the C.D.C. on eviction cases is open to interpretation.” (The New York Times)
  4. Fed Signals Rates Will Stay Near Zero for at Least Three Years “The Federal Reserve left interest rates near zero and signaled it would hold them there through at least 2023 to help the U.S. economy recover from the coronavirus pandemic.” (WealthManagement)
  5. Lineage Logistics Raises $1.6 Billion Amid Demand Surge for Cold Storage “Cold-storage specialist Lineage Logistics raised $1.6 billion from investors including Oxford Properties Group, private equity firm BentallGreenOak and Dan Sundheim's D1 Capital Partners as the pandemic pressures the food supply chain.” (Crain’s Detroit Business)
  6. California’s Bank of Hope Was a Symbol of Success. Now It Faces a Covid-19 Reckoning “Lender to immigrant community is among the midsize banks pressured by its heavy load of potentially troubled commercial real-estate loans.” (Wall Street Journal)
  7. America’s Biggest Mall Owner Is Closing All of Its Shopping Centers on Thanksgiving Day “Today, the United States’ biggest mall owner, Simon Property Group, announced that it will keep its locations closed on Nov. 26.” (Footwear News)
  8. Struggling Hotel Owners, Some With Trump Ties, Seek Federal Bailout “Hotel owners, who spent years loading up on a cheap type of debt, are now faced with the potential for default as the pandemic saps revenues.” (The New York Times)
  9. Blackstone-Backed Home Listing Site Zumper Screened Out Some Low-Income Renters, Say 9 Current and Former Employees “Nine current and former employees at real-estate startup Zumper said that during their time there it systematically screened out some lower-income tenants receiving government assistance who inquired about apartments on its site.” (Business Insider)
  10. Zara Owner Inditex Says Store Sales Recovering as it Returns to Profit “The owner of fashion retailer Zara, Inditex, returned to quarterly profit in the three months from May to July despite a 31% fall in sales as the coronavirus crisis kept consumers away from city centre shopping districts.” (Reuters)
  11. A Wave of Distressed Real Estate is on its Way, Says NAI’s Jay Olshonsky “The commercial real estate industry is still managing the COVID-19 pandemic and the heavy toll it has enforced on the national economy.” (RE Business Online)
  12. Homebuilder Sentiment Soars to Record High, but Lumber Prices Raise a Red Flag “With demand for housing surging, the nation’s homebuilders are positively ebullient.” (CNBC)
  13. Amazon Plans to Put 1,000 Warehouses in Neighborhoods “Amazon plans to open 1,000 small delivery hubs in cities and suburbs all over the U.S., according to people familiar with the plans.” (The Dallas Morning News)
  14. SF Property Owners Get Another Year to Complete Seismic Upgrades “San Francisco property owners will have another year to come into compliance with city-mandated seismic work.” (San Francisco Chronicle)
  15. ACLU Sues Palo Alto Over Residents-Only Park “The American Civil Liberties Union of Northern California sued Palo Alto on Tuesday over its more-than-50-year policy banning nonresidents from using bucolic Foothills Park, calling the prohibition “a legacy of the city’s history of racial discrimination.” (San Francisco Chronicle)
  16. New York Nightlife Has Gone Dark Thanks to COVID-19. What Happens Next? “Industry advocates say government aid needs to come and come fast. Otherwise, the city could see a wave of closures.” (Commercial Observer)
  17. SL Green Lands Partner, Financing for Manhattan Project “The REIT closed on a $125 million construction loan.” (Commercial Property Executive)
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